$685 million Syndicated Facility Agreement

$685 million Syndicated Facility Agreement

20-Nov-2007

Thakral Holdings Group announced that yesterday it signed a new 5 year, $685 million Syndicated Facility Agreement.

The Facility is provided by Commonwealth Bank (CBA), HSBC, St George Bank and ING Real Estate Finance. CBA and HSBC have been bankers to the Group for over 10 years while St George has provided development finance to the Group.

Based on 30 June 2007 debt levels, the new Facility provides Thakral with additional funds of approximately $175 million.

Mr John Hudson, Managing Director, said “The terms represent an improvement on our previous facility and have been achieved despite the current credit issues following the US sub prime mortgage fallout. The terms reflect the strong market outlook for hotels and the long term relationship developed with our Bankers.”

Please provide us with your confirmation of release announcement.

Yours faithfully

 
Andrew Horne
Group Company Secretary

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